BSE: 524046
PET PLASTICS LTD.
Operates in industrial plastic products under the name Bharatam Ventures (formerly Pet Plastics Limited), but the underlying plastic business wound down sharply during FY26 — Q3 FY26 revenue from operations was just ₹0.94 lakhs against ₹117.15 lakhs in the prior quarter. The company also ran a factoring division that was disposed of during FY26, contributing to an exceptional loss of ₹825.52 lakhs. FY26 revenue from operations was ₹2,371.98 lakhs (up from ₹430.12 lakhs in FY25), but the standalone business swung to a net loss of ₹1,396.99 lakhs from a profit of ₹14.53 lakhs the previous year. Borrowings surged to ₹736.80 lakhs from ₹10.32 lakhs, while total equity fell from ₹1,435.25 lakhs to ₹38.26 lakhs. The company sold subsidiary Exuberant Systems Private Limited — which had contributed 0% to consolidated income — for ₹4.68 crore in March 2026, and completed acquiring 99.9987% of Penganga Sakhar Karkhana Private Limited for ₹1.80 crore in June 2026. Employee costs were the largest disclosed expense at ₹2.08 crore (8.8% of FY26 revenue), with materials reported at zero. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Industrial plastic products, Factoring, Sugar and agro-processing. Transitioning entity exiting plastics and factoring, entering sugar and agro-processing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7 | 6 | 8 | 4 | 24 |
| EBITDA (ex other income) | (0) | (1) | (1) | (0) | (14) |
| margin % | (7.3) | (8.7) | (7.8) | (8.5) | (57.0) |
| Owners' profit | 0 | 0 | 0 | 0 | (14) |
| EPS, as reported (₹) | (4.90) | 1.97 | 1.92 | 1.89 | (290.40) |
| ROE % · ROCE % | (1.7) · (1.7) | (0.7) · (0.7) | 0.7 · 0.9 | 0.7 · 1.2 | (3795.1) · (169.4) |
| Debt / equity (x) | 0.00 | 0.00 | 0.03 | 0.01 | 19.26 |
| Cash from operations | (0) | (0) | (1) | 0 | (10) |
| Capex | (0) | (0) | (0) | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 3 | 0 | 1 | 1 | 1 | 0 | 21 |
| Profit before tax | (0) | 0 | (0) | 0 | (0) | (1) | (1) | (12) |
| Net profit | (0) | 0 | (0) | 0 | (0) | (1) | (1) | (12) |
| EPS (₹) | (0.75) | 0.27 | (2.54) | 4.90 | (6.89) | (17.35) | (27.05) | (239.17) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,122 | — | 2.38 | 28.1 | 0.5 | 1.0 | — | 1.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | (187.4) | 7.0 | 56 of 56 | 0% |
| ROE | (3795.1) | 7.6 | 45 of 45 | 0% |
| Debt / Equity | 19.3 | 0.2 | 45 of 45 | 0% |
| EBITDA margin | (55.2) | 11.6 | 42 of 43 | 2% |
| Revenue growth | 3336.5 | 10.6 | 1 of 49 | 100% |
| Profit growth | (4978.9) | 20.7 | 47 of 47 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance Filing Under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closed for Q2 and Half Year FY26 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Board approves Rs 53 Cr corporate guarantee for subsidiary | credit debt | medium | — | — |
| 16 Sept 2026 · 41st AGM: All 11 resolutions passed; capital hike and warrant issue approved | board shareholder meetings | low | — | — |
| 16 Sept 2026 · AGM approves major capital expansion, warrants issue, agro diversification | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Board to consider Rs 53 cr guarantee for subsidiary loans | credit debt | medium | — | — |
| 24 Aug 2026 · 41st AGM scheduled for September 16, 2026 | compliance | minimal | — | — |
| 22 Aug 2026 · Annual Report FY26 web link sent to shareholders; AGM on Sept 16 | compliance | minimal | — | — |
| 22 Aug 2026 · Book closure Sep 10-16 for 41st AGM; capital raise and business pivot proposed | board shareholder meetings | low | — | — |
| 22 Aug 2026 · Bharatam Ventures files 41st Annual Report FY25-26 and AGM notice | compliance | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.